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Acala Network aUSD Depegs by 99% as Hacker Issues Over 1 Billion Tokens

Acala Network became the latest Defi network to suffer an exploit after hackers breached the network and issued 1.2 billion aUSD tokens.

The post Acala Network aUSD Depegs by 99% as Hacker Issues Over 1 Billion Tokens appeared first on BeInCrypto.

Acala Network became the latest Defi network to suffer an exploit after hackers breached the network and issued 1.2 billion aUSD tokens.

The Polkadot-based network issues aUSD as its native stablecoin. aUSD is a decentralized stablecoin collateralized with several other crypto assets and minted through Collateralized Debt Positions (CDPs).

Although overcollateralized, the dollar-pegged stablecoin lost its peg immediately after the hack, dropping by 99% and now trading at $0.00987.

0xTaylor_ first noticed the attack and tweeted that the hacker exploited a bug in the iBTC/AUSD pool. Updates show that the hacker linked an Ethereum account to Acala, and the address was funded from Binance.

Acala network also acknowledged the attack, tweeting, “We have noticed a configuration issue of the Honzon protocol which affects aUSD. We are passing an urgent vote to pause operations on Acala, while we investigate and mitigate the issue. We will report back as we return to normal network operation.”

However, the network has yet to provide any other update, leaving several users holding the stablecoin n a worrying position.

With aUSD now practically worthless, many are quite concerned. But 0xTaylor_ has explained that the network might recover from this.

Since “they’ve put the network in maintenance mode to prevent transfers. They can pass a governance proposal to revert (the) state like they did last year on Karura,” the account tweeted.

While Acala might be able to salvage its network, concerns about DeFi platforms’ vulnerability are unlikely to come to an end soon.  

Several DeFi platforms such as Curve Finance, Fortress, Nirvana Finance, and Beanstalk have lost millions to exploits this year alone. 

Beyond DeFi protocols, the general crypto scene has been plagued by several exploits, with over $200 million lost to hacks in this month alone.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

The post Acala Network aUSD Depegs by 99% as Hacker Issues Over 1 Billion Tokens appeared first on BeInCrypto.

Source: Markets – BeInCrypto

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Altcoins

Is LUNC in for a steep price rise? Best places to buy LUNC now

Few crypto market watchers have missed the viral campaign to get LUNC listed on…

The post Is LUNC in for a steep price rise? Best places to buy LUNC now appeared first on CoinJournal.

Few crypto market watchers have missed the viral campaign to get LUNC listed on Coinbase. Its price reached a peak in the morning of October 2. What direction will it take? 

Look no further than this short article for all the details about LUNC: what it is, is it worth investing in, and the best places to buy LUNC now. 

Top places to buy LUNC now

As LUNC is such a new asset, it's yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it's one of the world's leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It's also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You'll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and 'connect' your wallet to it.

4. You can now swap your ETH for LUNC

Now that you're connected, you'll be able to swap for 100s of coins including LUNC.

What is LUNC?

LUNC is the token of Terra Classic, a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. 

The Terra ecosystem collapsed in May this year, leading to a fork, when a new version of Luna was launched. 

The creators implemented the Terra Ecosystem Revival Plan 2, under which two Luna token versions were created. 

Should I buy LUNC today?

Nothing can substitute doing your own research. Any investment decision you make should be based on your market expertise, your attitude to risk, and the features and spread of your portfolio. Also, consider how you would feel about losing money. 

LUNC price prediction

Telegaon predicts that the token will trade between $0.009 and $0.03 a year or two from now. At the time of writing, its price was $0.00032.  

After analyzing LUNC’s historical performance, other market insiders predict that its average price in 2024 will be $0.015.

LUNC on social media

The post Is LUNC in for a steep price rise? Best places to buy LUNC now appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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